Minoan Group has been battling to build a luxury holiday complex on the island of Crete for more than 20 years. Now, finally, the company is on the brink of victory.

With a fast-growing travel business under its belt as well, the Glasgow- based business is worth a closer look. The shares are just less than 14p but should move considerably higher over the next few years.

Minoan first became involved in Crete in 1991 when it bought a 6,500- acre site on the unspoilt Cavo Sidero peninsula on the eastern side of the island.

Spectacular: Minoan Group has been battling to build a luxury holiday complex on the island of Crete for more than 20 years

With miles of coastline, spectacular scenery and very little else, Minoan planned to turn the area into a resort including hotels, villas and plenty of open space.

Planning takes even more time in Greece than it does in Britain and it was not until 2002 that Minoan was finally able to submit a detailed planning application.

Permission was granted in 2007, but it was rejected on appeal three years later, when some local businesses raised environmental concerns. This was a low point for Minoan and its long-suffering investors. Since then, however, the company has fought back.

A revised and scaled-back scheme was drawn up, with particular emphasis on sustainable development. Hotels will be top quality, the project will be self-sufficient in water and energy and more than 90 per cent of the land will be left in its natural state, although the site will feature a top golf course.

Minoan chairman Christopher Egleton bought 6,500 acres in Crete

The project last month passed the all-important strategic environmental assessment from the Central Archaeological Council of Greece. It now needs just one last approval – a Presidential decree. Given the number of setbacks that Minoan has suffered over the years, it would be tempting fate to assume that the decree will be given, but the omens are good.

The Greek government awarded the project fast-track status in 2012, a sign that it wants to support schemes that will promote economic growth. Minoan’s scheme, if approved, will boost local employment and encourage tourism and there are high hopes that the decree will be granted this summer, after which construction can begin.

The company intends to work with deep-pocketed partners, such as property developers and hoteliers and it has already received several approaches. These should crystallise later this year.

Meanwhile, Minoan has been developing a niche travel business, which has been expanding fast and is expected to continue doing so. Only last week, it bought Aberdeenbased Martin Singer Travel and in May chairman Christopher Egleton raised £687,000 to help fund future travel acquisitions.

Egleton, a former banker and serial entrepreneur, came out of semi-retirement to chair Minoan back in the mid-1990s and spends most of his time in Greece, working on the Cretan project.

Back in the UK, Minoan is run by managing director Duncan Wilson, who has spent more than 25 years in the industry. Wilson was a board director at MyTravel – now part of Thomas Cook – and previously spent five years running Direct Holidays, during which time profits tripled before the company was sold to Airtours for more than £80million.

His strategy at Minoan is to buy independent specialist travel agencies, offering holidays such as cruises, golf trips and ski excursions that people prefer to book over the phone or face to face, rather than online.

Acquisitions have been based in Scotland so far but there are plans to move south of the border, too. The company is expected to move into the black this year, with core profits of about £100,000 for the year to October, rising to £300,000 next year. Revenues are forecast at £56million this year and £62million in 2015.

Midas verdict: The Minoan story has been long and labyrinthine, but for investors looking at the stock today, there is the chance of significant gains. The Cretan project is on the verge of full clearance and the UK travel business is expanding profitably and well. Clearly, these shares are not risk free, but they are certainly worth a gamble. At 133⁄4p, adventurous investors should take a punt.